In the Poughkeepsie, NY market, new home closings dropped year-over-year in October, and the percentage drop was steeper than September 2015, suggesting the market may be worsening. New home closings saw a fall of 57.1% from the year earlier to 24. This came on the heels of a 49.2% fall year-over-year in September.
A total of 447 new homes were sold during the 12 months that ended in October, down from 479 for the year that ended in September.
Out of all housing closings, new home closings made up 3.2%. This is down from the 7.1% of closings a year earlier. After rising year-over-year in September, closings of new and existing homes slid year-over-year in October.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year 1.9% in October to $394,501 per unit. This bump is smaller than the 2.0% hike in September year-over-year.
The average mortgage size on newly sold homes saw a drop year-over-year in contrast to new home prices. Average mortgage size slid 16.5% to $284,819 in October from a year earlier. It went from $295,251 to $296,554 from September 2014 to September 2015.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings rose from 35.7% of new closings in October 2014 to 41.7% of closings in October 2015. At the same time, the share of new home closings belonging to attached units slid to 58.3% of closings from 64.3% of closings.
The average unit size of newly sold homes increased 11.6% year-over-year to 2,326 square feet in October 2015. In September, the average size of new homes sold went from 1,978 square feet a year earlier to 1,912 square feet.
Foreclosures and real estate owned (REO) closings continued to increase in October from a year earlier and stayed a drag on the market. Foreclosures and REO closings, taken together, made up 30.1% of existing home closings, up from 29.1% a year earlier. The percentage of existing home closings involving foreclosures went from 18.7% in October 2014 to 18.1% in October 2015 and REO closings as a percentage of existing home closings jumped to 11.9% from 10.4%.